The National Assembly on Wednesday passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.
It was moved by Minister of State for Finance Aisha Ghaus Pasha.
Having a total outlay of 9502 billion rupees, the budget 2022-23 encompasses measures for sustainable economic growth, industrial and agriculture development and relief for the poor people.
The budget envisages Federal Public Sector Development Programme (PSDP) OF 800 billion rupees for the next fiscal year. It has been centered on improvement in sectors such as water resources, transport and communication, energy, higher education, health, science and technology, and balanced regional development.
699 billion rupees have been set aside for targeted subsidies to extend benefit to deprived segments of the society.
The budget of Benazir Income Support Program has been increased to 364 billion rupees. In addition, 12 billion rupees have been allocated for the provision of subsidy on essential commodities through Utility Stores Corporation.
The salaries of government employees have been increased by fifteen percent along with a merger of adhoc allowances.
As regards taxation, the government has levied super tax on affluent class in order to reduce the budget deficit and take the country towards economic sovereignty.
According to the amendments introduced in the finance bill 2022 and approved by the National Assembly today, there will be no tax on those earning less than six hundred thousand rupees.
Those earning between over six hundred thousand rupees and 1.2 million rupees will have to pay tax at the rate of 2.5 percent on the amount exceeding six hundred thousand rupees.